A company owned by ANZ NZ purchased this St Heliers home for former chief executive David Hisco.

Stuff understands that Hisco and Walsh made the residence their family home for years prior to Walsh’s purchase and oversaw its refurbishment in 2015 and 2016, when improvements paid for by ANZ included a new roof, security upgrades and refitted bathrooms.

Antonia Watson, the current interim head of ANZ New Zealand, was one of three directors of Arawata Assets at the time of the 2017 sale.

Do you know more? Email rebecca.stevenson@stuff.co.nz

Company filings show she was appointed director in February 2017, a role that ended in October of that year.

At the time, Watson was managing director of ANZ NZ’s business and retail banking; she was tapped by Key to step into David Hisco’s shoes on Monday and invited to throw her hat in the ring for the permanent position.

Arawata’s other directors in 2017 were Annis Gail O’Brien, who remains a senior executive with ANZ Group and is responsible for the company’s statutory and regulatory reporting requirements in New Zealand. The third director at the time was Felicity Evans, then the general manager of human resources at ANZ NZ, now retired.

Questions about Hisco’s extraordinary expense account at ANZ have mounted since Key revealed Hisco misrepresented tens of thousands of dollars’ worth of personal bills as business expenses, including wine cellaring and chauffeur-driven cars.

Hisco has enjoyed “non monetary” perks of some A$3.35m (NZ$3.52m) across his eight full financial years in the ANZ NZ top job. The expenses were in addition to an annual multimillion dollar cash salary and stock grants and options.

​Hisco became chief executive in late 2010. In 2011 when his non monetary benefit was A$357,283, the company’s annual report cites expenses such as flights, housing assistance and taxation services. In subsequent years, however, the citation becomes more vague, mentioning only expenses relating to the New Zealand relocation.

Even after Hisco and his wife, Deborah Walsh, bought a ground floor apartment in the Auckland suburb of Kohimarama in 2014 for NZ$1.7m, relocation was cited for his company expenses (they owned the apartment until 2016).

Hisco and associates also purchased an Omaha beach house from Key. The house has an estimated value of $3.83m.

Key said the way Hisco reported personal benefits as business expenses fell short of the standard required by the bank.

Key said the practices were uncovered through an internal review of executive spending conducted earlier this year.

DAVID WHITE/STUFF

David Hisco’s wife, Deborah Walsh, paid $6.9 million for the lavish St. Heliers property.

He cited ANZ’s “culture of strong values” in holding Hisco to account, and said that “when people do not do the right thing we hold them to account no matter their status or position in the organisation.”

Politicians, including Prime Minister Jacinda Ardern, are under mounting pressure to call a larger inquiry into banking practices in New Zealand. Earlier in the week she described the issue of Hisco’s expenses as a private employment matter.

Separately, ANZ NZ has suffered significant censure from the Reserve Bank of New Zealand for failing to calculate its capital requirements properly.

DAVID WHITE/STUFF

The luxurious 700 square metre ocean-view home includes a heated swimming pool, tennis court and six bedrooms.

Prior to his departure, Hisco was on medical leave. A neighbour to his St Heliers home said Hisco and Walsh have been away from home for several weeks. Blinds were down at the residence and a call through the intercom went unanswered, though the lawn and garden were beautifully maintained.

Hisco’s expenses consistently outstripped those of his executive colleagues at the Melbourne-based parent company ANZ Group.

In the 2018 financial year, Hisco’s “non monetary benefits” totalled A$464,599 according to the company’s annual report. After Hisco, the highest non monetary benefits for an ANZ executive in that year was for A$52,472 for retiring chief risk officer Nigel Williams.

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